Single-Family Home Prices Rise Again

New York, NY, July 27, 2010--Prices for single-family homes in 20 major cities rose a seasonally-unadjusted 1.3% in May, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.

Prices have moved up 4.6% in the past year. Prices rose in 19 of the 20 metropolitan areas tracked by Case-Shiller in May compared with April.

This is the second increase after six straight declines. David Blitzer, chairman of the index committee at Standard & Poor's, said the positive May report is a bit misleading.

"A broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery," Blitzer said.